Core Viewpoint - Kins Services, once valued at over 55 billion HKD, has officially delisted from the Hong Kong stock market after five years of listing, marking a significant shift in its operational strategy and ownership structure [1][4]. Group 1: Company Overview - Kins Services was initially part of Kins Holdings and was listed on the Hong Kong Stock Exchange in October 2020, with an initial share price of 44.8 HKD, reaching a market cap of over 280 billion HKD on its first trading day [2][3]. - The company experienced a peak market valuation exceeding 550 billion HKD during its early years, positioning itself alongside other major property management firms [2]. Group 2: Ownership Changes - The ownership of Kins Services transitioned significantly when its parent company, Kins Holdings, faced a liquidity crisis, leading to the sale of a 22% stake to Boyu Capital for 37.34 billion HKD in December 2021 [3]. - Boyu Capital gradually increased its stake, becoming the largest shareholder by acquiring additional shares through a series of strategic moves, including a partial tender offer in November 2022 and a court-ordered auction in March 2025 [3][4]. Group 3: Delisting and Privatization - The delisting was initiated by Boyu Capital as part of a voluntary privatization process, with a tender offer made at 8.69 HKD per share, resulting in a 95.56% acceptance rate from shareholders [4][5]. - Following the privatization, Kins Services' market cap was approximately 52 billion HKD, reflecting a decline of over 90% from its historical peak [4]. Group 4: Financial Performance - Kins Services reported a total revenue of 2.335 billion CNY for the first half of 2025, a slight decrease of 3.1% year-on-year, while maintaining cash and liquid assets of 2.65 billion CNY [5]. - The company has faced cumulative losses of around 3.4 billion CNY over the past three years, leading to a significant reduction in its market valuation and operational capabilities [5]. Group 5: Industry Context - The delisting of Kins Services reflects broader trends in the real estate and property management sectors, where companies are increasingly opting for privatization due to low public market valuations and financial pressures [9]. - Similar cases of privatization and mergers have been observed in the industry, indicating a shift towards a focus on asset consolidation and operational efficiency in a challenging market environment [9].
私有化金科服务、投资星巴克中国、收购SKP 博裕资本在下一盘怎样的棋？